Yes, the Macpro 2.66 Ghz would be a fine choice for both SD video now, and HD video in a year or three. In fact, if it’s only going to to be DV-based SD for awhile, the Mac Pro is even a bit of overkill. You can do DVCProHD with the Mac Pro, in software, with no hardware necessary.
If possible, I would look at this possible configuration: If it’s only Final Cut Pro that you’re running primarily, you might be able to get away with only 1GB of memory. If, however, you want to run a lot of Motion you’ll be happier with at least 2GB. Unfortunately, Apple doesn’t offer a build-to-order option using 1GB RAM until you get over 4GB, and that’s adding over $1000 to the price – ouch! Just be aware that eventually you’ll want a lot of RAM, especially when you start working in HD.
I’d consider factoring the cost of an additional drive, either SATA inside the case and/or Firewire 800 drives outside the case. You can buy those 3rd party, though. You’ll be filling up that 250GB drive in no time, plus, it’s always a good idea to keep media drives and system drives mostly separate. I often build in the cost of an external enclosure and drive into a client’s proposal. That way, you have a built-in archive: when the project’s done – hand the drive to the client.
For video display, having a small, inexpensive DV deck or your camera to loop through firewire to an external monitor is all you really need, strictly speaking. Though you may have issues with firewire synch or output quality depending on the DV device. Even after all these years, video over firewire is still a bit of a finicky beast. Also, it’s not the best idea to add running hours to a DVD deck/camera if not needed. You could use a device like the $595 Blackmagic Decklink Pro or SP to have a reliable, flexible output to an analog monitor.
I think there are plenty of widescreen, DVI 3rd party monitors that pass muster, and offer better value for the dollar than the Apple ones. Look at the specs for the Apple cinema display you’d like, and try to match those specs with a 3rd party monitor. Of course, you wouldn’t have that cool silver finish that matches your Mac Pro so well…If image is a factor for you, maybe you have clients over, perhaps the premium is worth it.
…Just my 2 cents.